Business Context and Reporting Period
Company: Asbury Automotive Group, Inc.
Filing Type: Form 8-K (Current Report)
Date of Report: May 13, 2002 (Earliest event reported)
Reporting Period: Fiscal Year 2002 (Context of accountant change)
Key Financial Metrics
This filing does not contain financial performance data. The document does not provide values for revenue, profit, cash flow, margins, debt, or liquidity.
Material Changes
Change in Certifying Accountant:
- Removed: Arthur Andersen LLP (May 13, 2002).
- Retained: Deloitte & Touche LLP (May 16, 2002) for the fiscal year 2002.
- Reason: The change was driven by continuing uncertainty regarding Arthur Andersen's future, not by any disagreement on accounting principles or dissatisfaction with the quality of services provided.
Historical Audit Status:
- Arthur Andersen's reports for the years ended December 31, 2001, and December 31, 2000, contained no adverse opinions, disclaimers, or qualifications.
- No disagreements existed between the Company and Arthur Andersen regarding accounting principles, financial statement disclosure, or audit scope.
- No reportable events occurred as defined in Regulation S-K Item 304(a)(1)(v).
Guidance, Outlook, and Risks
Management Commentary:
- The decision to change accountants was recommended by the audit committee and approved by the board of directors.
- The Company confirmed it did not consult Deloitte & Touche regarding accounting principles or audit opinions prior to their retention.
Risks and Contingencies:
- The primary risk cited is the uncertainty surrounding the future of the former auditor, Arthur Andersen LLP.
Investor Verification Checklist
- Verify the effective date of the transition from Arthur Andersen to Deloitte & Touche (May 16, 2002).
- Confirm that no disagreements on accounting principles or audit scope existed during the 2000 and 2001 fiscal years.
- Review the attached press release (Exhibit 99.1) for additional public statements regarding the transition.
- Monitor future filings for the first audit report issued by Deloitte & Touche for the fiscal year 2002.